Art of giving: How philanthropy can improve lives, lead to a better India

Management consulting firm Bain & Company on Saturday released a report seeking to explore how philanthropists can engage with the society more effectively to optimise the impact of their financial support.

The report titled “India Philanthropy Report 2018 - Understanding tomorrow’s strategic givers” was released at Dasra Philanthropy Forum in collaboration with Dasra, a Mumbai-based NGO.

More than 33 philanthropists mentioned four critical mindsets:

• Embracing not only a ‘today forward’ approach but also a ‘future back’ lens to planning one’s philanthropic journey

• Appreciating the importance of both the heart and the mind in making philanthropic decisions

• Focusing not only on inputs but also on outcomes to assess the effectiveness of one’s philanthropy

• Going beyond a funding-only role to becoming an active and collaborative investor

These mindsets, if embraced, can help givers realise their full philanthropic potential.

The majority of donors interviewed contribute on average $15,000 to $75,000 per annum to philanthropy, with some contributing more than $765,000.

According to the report, several interviewees expressed a strong commitment to certain causes and spoke about their contribution of funds as a key element of their philanthropy. However, only a few went on to articulate a clear-and-bold vision based on which their philanthropic plan was designed.

“In a country where more than 35 per cent of the population lacks access to a private toilet, and where 1.08 million children died before their fifth birthday in 2016, there is a need for individuals not only to contribute more but also ensure that its strategic enough to move the needle on key social development indicators," said Arpan Sheth, partner at Bain & Company and one of the co-authors of the report.

Deval Sanghavi, co-founder of Dasra, said: "Philanthropy is and will always be very personal. It is this emotional connection that drives people to give, and must, therefore, be preserved. But the complexity and scale of issues in India urge philanthropists to go beyond personal satisfaction and think of impact first."

"Our engagement with the givers revealed that adoption of the four key mindsets can make giving more strategic and impactful, says Anant Bhagwati, partner Bain & Company and co-author of the report said. “We believe that a combination of ‘today forward’ and ‘future back’ mindsets, which is both complimentary and critical, will enhance the effectiveness of the donors in the long run, benefiting the philanthropic ecosystem as a whole.”